"The financial crisis should have led to a fundamental economic rethink but instead our discredited model of market capitalism has somehow emerged unscathed.

"Far from making the changes that we need, the coalition is instead introducing more punitive measures against those on low and middle incomes.

"Unless we radically transform our economy - from recasting the role of the state to prioritising a fairer distribution of new wealth and jobs - we will simply be storing up more problems for the future."